Magu appears before Reps, enumerates details of recovered funds

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has briefed the House of Representatives on the efforts made so far in the recovery of looted funds.

Magu gave the brief when he appeared at a budget defence session convened by the House of Representatives Committee on Financial Crimes on Monday at the National Assembly in Abuja.

He informed the lawmakers that total asset recoveries by the anti-graft agency amount to more than N473billion, $98million, €7million, and £294,000 among others between January and December 2017.

Giving a breakdown of the figures, the EFCC boss highlighted the final forfeiture of N32billion and $5million to the coffers of the Federal Government by a former Minister of Petroleum Resources.

The monies also included the recovery and final forfeiture of N449million discovered at Legico Plaza in Victoria Island, Lagos, as well as the final forfeiture of more than $43million discovered in an apartment in Ikoyi area of the state.

Magu said the EFCC recovered more than N329billion from petroleum marketers in Kano while withholding tax of over N27.7 billion was retrieved from banks.

According to him, others include the Nigerian Ports Authority recovery of €6.6 million, recoveries of about N1.1billion on behalf of AMCON, and the recovery of subsidy fraud funds of more than N4billion.

The EFCC boss hinted the lawmakers that details of the recoveries had since been forwarded to the secretariat of the committee.

He also briefed the committee on the performance of the 2017 Budget of the anti-graft agency, as well as its budget for 2018.

Magu noted that the major challenge in the implementation of the capital estimates was the late and insufficient release of funds appropriated.

He lamented that funds have not been released for the furnishing of the new head office complex of the agency expected to be handed over in March and sought the intervention of the lawmakers. – Channels.

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